As the Market Heats Up, First Time Buyers Need to be Ready!

The Hampton Roads market has taken off in the first part of 2015. Abbitt Realty has already seen many multiple offer scenarios and very quick market times for listings. For buyers, especially first time buyers, it is important to be prepared as you start looking at homes. Abbitt agents want the home buying process to be as smooth as possible, so we are offering these helpful tips below:

Contact a Realtor. The most helpful person on your side when considering purchasing your first home is your realtor. Realtors are experts on home buying and can help you with all the questions you will have. Abbitt realty has countless realtors eager to help you find and purchase your dream home. Abbitt agents have an extensive knowledge about Hampton Roads; this comes in handy when searching for a home in the area. Click here to start your home search with Abbitt Realty.

Calculate a Mortgage Payment You Can Afford. Your first home purchase is likely the largest purchase you have made in your life so it is important to make sure you can afford it. There are a great number of variables to take in to effect when budgeting for a home purchase. Fannie Mae suggests to not spend more than 28% of your income on housing costs. Your current rent amount can be a good indicator of what you can afford. Don’t forget to calculate in your utility bills on top of your mortgage payment. A realtor or mortgage broker can further help you calculate what you can afford and what type of mortgage would best fit you. Bankrate has a mortgage calculator that can be very helpful.

Get Pre-Qualified for a Mortgage. A mortgage pre-qualification lets you know how much you can borrow to pay for your new home. Your first step will to be to choose a lender. Once you have chosen a lender, you give them basic information about your income and credit and they will give you a mortgage pre-qualification for the amount you can borrow. For more financial information click here. Abbitt Realty is pleased to connect you with OVM Financial although you are welcome to contact the lender of your choice.

Think Long Term. How long do you plan on living in this home? If you plan on having children you may need to get a larger home in the future. Keep this in consideration when purchasing your home, if you plan to only live there for a short amount of time then you must consider resale. Consider your target audience for resale. Purchase a house that fits your needs as well as the needs of your target resale audience.

Get a Home Inspection. Before buying a house it is extremely important to get a home inspection. The main purpose of a home inspection is to give you as the buyer the information needed to make an informed decision on property condition when purchasing a home. By bringing any condition concerns to the buyers attention, the home inspector gives the buyer the opportunity to choose how to respond and proceed relative to the purchase of the home. A Realtor can help facilitate home inspections and assist the buyer during this part of the process.

Get a Copy of the Home Owners Association Disclosure Package. If the home you are considering purchasing is under a home owners association it is important to read that package before you make the decision. Occasionally Home Owners Associations will not allow you to rent out your home if you decide to move. Many things could be under the package that could affect your use of the home.

Make a Check List. Make a specific list of what you need in your first home. As you are shown houses try to remove emotion and go off what fits your needs. It is easy to make an emotional decision and buy a house that will not meet your actual needs. Use the checklist to avoid this.

Read the Contract. Buying a home is one of the largest purchases you will ever make and it is very important that you read the contract in its entirety. If there is anything you don’t understand ask your realtor, they are there to help you.